Pensions

Information coming in shows that more than 30% of companies have closed future accrual of defined benefits to existing employees, up from around 14% last year, with a further 30% intending to do so in future. 87% of employers think their employees will not have enough saved for retirement. The majority of companies do not yet understand the cost and administrative impact of auto-enrolment. There is also a clear move from companies intending to offer former employees deals to transfer pension liabilities elsewhere whilst in the background the government have just announced their intention to abolish the compulsory retirement age. There is a lot to watch out for on the pensions area most of us would expect to work at least until we are 70 if not 84!